On May 28, 2019, the IRS released the 2020 limits for Health Savings Accounts (HSA) and High Deductible Health Plans (HDHP).
2020 HSA Contribution Limits
Single: $3,550, up $50 from 2019
Family: $7,100, up $100 from 2019
2020 HDHP Minimum Deductible
Single: $1,400, up $50 from 2019
Family: $2,800, up $100 from 2019
2020 HDHP Out-of-Pocket Maximum
Single: $6,900, up $150 from 2019
Family: $13,800, up $300 from 2019
Catch Up Contributions for Age 55 and Over
Enrollees in HSA compatible High Deductible Health Plans may contribute an additional $1000 per year at age 55 or older. Married couples must have separate HSAs in order to contribute the annual maximum and the additional $1000 if one or both are age 55 or over. Because HSAs are individual accounts, there is no joint HSA even when the family has HDHP coverage.
Example:
A family is covered on a HDHP. The wife is 53 and contributes the full annual amount to her HSA. The husband is 56 years old and wishes to make a $1000 catch-up contribution. The husband must open a separate HSA in his name in order to contribute the $1000.
The $1000 additional catch up contribution is fixed by law and is not adjusted for inflation annually.